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When a Monopolist Charges $10 for Its Product, It Sells

Question 9

Multiple Choice

When a monopolist charges $10 for its product, it sells 500 units of the product. When it lowers the price to $6, it sells 1,400 units of the product.
-Refer to the scenario above. What is the quantity effect of the price change?


A) $1,400
B) $2,700
C) $5,400
D) $6,750

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